Dow went up 104, advancers over decliners about 2-1 & NAZ gained 56. The MLP index added 1+ to 180 & the REIT index fell 4 to the 476s. Junk bond funds crawled higher & Treasuries were little changed in price. Oil climbed in the 69s & gold was off to 1790.
AMJ (Alerian MLP index tracking fund)
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The number of Americans filing first-time jobless claims last week dipped to the lowest level since the COVID-19 outbreak. The
Labor Dept reported that 310K Americans filed for
first-time unemployment benefits last week, a decrease
of 35K from the previous week. This was the lowest reading since
Mar 2020. The forecast was expecting 335K
new filings. Continuing claims for the week
ended Aug 28 declined 22K to 2.78M, which was worse than the
2.74M expected. The prior week's reading
was revised up 57K to 2.8M. About
11.9M Americans received some form of unemployment assistance, a
decrease of more than 255K from the prior week. More than 30.4M Americans filed for benefits during the comparable week in
2020.
Initial jobless claims dip to pandemic-era low
The ECB kept its monetary policy unchanged but opted to slow down the pace of net asset purchases under its pandemic emergency purchase program. The Governing Council voted to maintain the interest rate on the ECB's main refinancing operations at 0%, on the marginal lending facility at 0.25% & on the deposit facility at -0.5%. “Based on a joint assessment of financing conditions and the inflation outlook, the Governing Council judges that favourable financing conditions can be maintained with a moderately lower pace of net asset purchases under the (PEPP) than in the previous two quarters,” the ECB said. Markets had been eagerly awaiting the institution's latest policy decision for signs of an imminent unwinding of pandemic-era stimulus, amid surging inflation & strong economic growth. Later, ECB Pres Christine Lagarde said the verdict was a “unanimous decision in all respects.” The ECB reiterated that interest rates will remain at their present or lower levels until inflation is seen reaching 2% “well ahead of the end of its projection horizon and durably for the rest of the projection horizon,” & until the ECB judges that inflation will stabilize at 2% over the medium term. “This may also imply a transitory period in which inflation is moderately above target,” the ECB added. “This may also imply a transitory period in which inflation is moderately above target,” the ECB added.
European Central Bank slows its bond purchases as inflation surges
Moderna (MRNA) announced it's developing a 2-in-one
vaccine booster shot that protects against both Covid-19 & the
seasonal flu. The new vaccine, which the company is calling mRNA-1073, combines Moderna’s current Covid vaccine with a flu vaccine that's also under development. “Today
we are announcing the first step in our novel respiratory vaccine
program with the development of a single dose vaccine that combines a
booster against COVID-19 and a booster against flu,” CEO Stéphane Bancel
said. “We are making progress on enrolling
patients in our rare disease programs, and we are fully enrolled in our
personalized cancer vaccine trial. We believe this is just the beginning
of a new age of information-based medicines.” The announcement
comes on the heels of its highly successful launch of its
mRNA-based 2-dose Covid vaccine, which was authorized for emergency
use by the Food & Drug Administration in Dec. More than 147M of the shots have been administered in the US
according to the Centers for Disease Control &
Prevention. The stock rose 27 (6%).
If you would like to learn more about MRNA, click on this link:
club.ino.com/trend/analysis/stock/MRNA?a_aid=CD3289&a_bid=6ae5b6f7
Moderna reveals single-shot vaccine booster for Covid and flu; shares rise
Dow Jones Industrials
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